Report Overview

The Biotechnology Market size is expected to be worth around USD 35,02,263.56 million by 2032 from USD 10,22,640 million in 2022, growing at a CAGR of 13.10% during the forecast period from 2022 to 2032.

This market is supported by respective governments through strong initiatives to modernize regulatory frameworks, improve reimbursement policies, and standardize clinical studies. The increasing popularity of personalized medicines and the increase in orphan drug formulations are creating new avenues for biotechnology applications. This in turn is driving the revenue growth trajectory of innovative biotechnology companies and this market as a whole.

Global Biotechnology Market

Technology Analysis:

Nanobiotechnology is expected to expand at an annual growth rate of 13.9% between 2023-2032, due to increased approvals for nanomedicine and the advent of advanced technologies. Applications of theranostics have been gaining momentum because they allow for prompt diagnosis and tailoring of treatment options for multiple diseases at once. The advantages of nanoparticles include their low toxicity and small size. They also have the ability to overcome limitations in generic drug discoveries with administration. A significant share of the tissue engineering and regeneration medicine sectors was due to both public and private investments, high healthcare spending, and the presence of several established and emerging players in this field. These factors will drive segment growth in the future.

The market leader in 2021 was DNA sequencing technology. This is due to the falling costs of sequencing and the increased penetration of advanced DNA sequence techniques. Government funding has allowed for an increase in genetic sequencing applications to better understand diseases. A US$10.7 million NIH grant was given to the Washington University School of Medicine in St. Louis and the University of Pittsburgh Graduate School of Public Health in May 2021, for the study of the genetic basis of Alzheimer’s disease.

Application Analysis:

At more than 49.80%, the ‘Health’ application segment accounted for the most significant portion of 2021’s market share. This segment is expected to remain the most dominant segment over the forecast period. The segment growth is slated to be driven by the growing burden of diseases, the availability of biotech and bio-services, and technological advances in the bio-industrial sector, among other related factors. Significant advancements in the fields of Artificial Intelligence (AI), Machine Learning, and Big Data are also expected to fuel segment growth as well. These fields are anticipated to increase the penetration of BIOINFORMATICS applications in particular industries such as the food & beverage sector.

In addition, the biotechnology market growth will be driven by collaborations and partnerships that are aimed at the commercialization and development of new therapeutic platforms. Novartis, for example, partnered with Alnylam in January 2021 to investigate the use of Alnylam’s siRNA technology to develop targeted therapies for the restoration and maintenance of liver functions. AstraZeneca partnered with VaxEquity to create and commercialize a self-amplifying RNA therapeutics platform. This was in order to discover new therapeutic programs. This segment’s growth will be driven by the increasing demand for web-based biosimilars as well as surging applications for precision medicines.

Key Market Segments

Technology

• Tissue Engineering & Regeneration
• Nanobiotechnology
• Cell-Based Assays
• DNA Sequencing
• PCR Technology
• Fermentation
• Chromatography
• Others

Application

• Food & Agriculture
• Health
• Industrial Processing
• Natural Resources & Environment
• Bioinformatics
• Other Applications

Market Dynamics

This global market expansion has been positively impacted by the COVID-19 pandemic, which caused a surge in the number of drug development opportunities and improved manufacturing processes for vaccines. Over 11,000 million doses of the COVID-19 vaccine were produced worldwide in 2021. This resulted in approximately half of the world’s population being vaccinated in less than a year. Moderna, Pfizer/BioNTech, and Johnson & Johnson have generated a combined revenue of US$31,000 million in 2021 due to the success of mRNA vaccines. Market growth has also been aided by the growing demand for biotechnology tools in agricultural applications, such as micropropagation and molecular breeding, tissue culture, conventional plant breeding, and the development of genetically modified crop varieties.

This market is also growing in popularity due to its contribution to the development of genetically modified crops as well as insect-resistant and herbicide-resistant seeds. The adoption of tissue technology in agriculture has accelerated biotechnology applications. This includes the creation of new varieties of rice, as well as pest- and disease-free varieties of bananas in South Asia and Africa. A strong pipeline for clinical trials, as well as funding opportunities for regeneration technologies and tissue engineering, are also driving this market.

The Alliance for Regenerative Medicine reports that companies involved in developing gene and cell therapies have raised US$23,100 million in global investments in 2021. This represents an increase of 16% over 2020’s total of US$19,900 million. Market growth is expected to be impacted by the clinical successes of major gene therapy companies in 2021. These include promising results from an in vivo CRISPR transthyretin-amyloidosis treatment developed by Intellia Therapeutics. Market growth is expected to be boosted by the rising demand for the treatment of chronic diseases like cancer, diabetes, age-related macular degeneration, and almost all forms of arthritis.

Major corporations are currently developing and investigating pipeline products for diabetes and neurological disorders such as Parkinson’s, Alzheimer’s, various types of cancers, as well as cardiovascular diseases. According to clinicaltrials.gov (January 2021), there were 126 treatments in clinical trials for the treatment of Alzheimer’s disease. Phase-III trials included 28 treatments. Market growth has been positively influenced by the widespread adoption of fermentation technology in healthcare and life sciences. There have been many improvements to conventional bioreactors such as simplified bioreactors or vortex bioreactors. These innovations have led to an increase in the adoption of fermentation technology.

Vortex bioreactors for wastewater processing have been also improvised to increase their operational feasibility. These innovative technologies and modifications in fermentation technology are slated to help accelerate market growth. CAR T-cell and TCR T-cell therapies are being studied as possible treatment options for chronic viral infections like HIV, hepatitis A, and SARS. Duke-NUS Medical School scientists are currently studying T-cell therapy for the treatment of COVID-19. Scientists have shown that TCR-redirected T-cells have a functional profile similar to those of CD8 memory T-cells from patients with SARS-specific infection.

This is anticipated to further stimulate research and boost market prospects in the process. The past few years have indexed significant growth in biotechnological technologies, including stem cell technology, genetic engineering, and DNA fingerprinting. A growing market has emerged for stem cell technologies due to technological advances in stem cell therapeutics, the increased demand for biological systems, as well as a growing focus on the development of personalized medicines. The use of DNA fingerprinting in forensic science is on the rise. This technology can be used to investigate family relationships of animals and measure the extent of inbreeding. In animal breeding and the production of complex biological compounds, genetic engineering and/or cloning techniques are increasingly being used.

Regional Analysis

The largest market share, 43.4%, was accounted for by North America in 2021. A number of key factors are driving this region’s growth, such as the presence of key players, significant R&D expenditures, and high healthcare costs. This region is home to high levels of genome, and proteomics, as well as cell biology-based platforms, which are accelerating the adoption of life sciences tools. Market growth is expected to be positively influenced by the rise in chronic diseases and the growing adoption of personalized medicine apps for the treatment of life-threatening disorders. Markets in the Asia Pacific are projected to grow at the fastest rate between 2023 and 2032.

This can be attributed to, in part, increased levels of investment and improved healthcare sectors and infrastructure, favorable government initiatives, as well as various expansion strategies by key market players. Moderna Inc. announced plans to expand its Asia-based commercial network through four new subsidiaries, including one in Malaysia, Singapore, and Hong Kong. This market will be driven by biopharmaceutical collaborations such as those between Kiniksa Pharmaceuticals and Huadong Medicine for the commercialization and development of ARCALYST and Mavrilimumab in the Asia Pacific.

Key Regions and Countries Covered іn This Rероrt

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

Biotechnology product portfolios are now the leading strategy to counter the COVID-19 pandemic. This industry’s strong pipeline has enabled them to maintain market competitiveness in 2021. Market growth was being driven by an increase in geographical expansion/reach, strategic partnerships & collaborations, as well as mergers & acquisitions. Novo Nordisk purchased Dicerna, an RNA interference company, for US$3,300 million in November 2021. Sanofi, on the other hand, acquired Translate Bio, its mRNA platform, and Translate Bio for US$3,200 million in August 2021.

Key Market Major Players

These are the top players in the global biotechnology marketplace:

• Gilead Sciences, Inc.
• AstraZeneca
• Sanofi
• Merck & Co.
• Merck Millipore
• Lonza Group AG
• 3M Company (US)
• CELGENE CORPORATION
• Promega Corporation (US)
• MEDIPOST Co., Ltd.
• Danaher Corporation
• GenScript Biotech Corporation
• Sysmex Corporation
• Tosoh Corporation
• Abnova Corporation
• Fluidigm Corporation
• FUJIFILM Holdings Corporation
• Luminex Corporation
• Sterlitech Corporation
• Waters Corporation
• Anterogen Co., Ltd.
• JCR Pharmaceuticals Co., Ltd
• Repligen Corporation (US)
• Olympus Corporation
• Bristol-Myers Squibb
• Abbott Laboratories
• Agilent Technologies Inc.
• Bio-Rad Laboratories Inc. (U.S.)
• Dickinson and Company (US)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Biogen
• PerkinElmer Inc.
• Takara Bio Inc.
• TAKARA HOLDINGS INC.
• Novo Nordisk A/S
• Thermo Fisher Scientific Inc.
• Takeda Pharmaceutical Company
• Amgen Inc.
• Pfizer Inc.
• Johnson & Johnson
• Roche
• Biogen
• Amgen
• Novo Nordisk
• Novartis

Other Key Players

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For the Biotechnology Market research study, the following years have been considered to estimate the market size: